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Biotech / Medical : Cistron Biotechnology(CIST)$.30 -- Ignore unavailable to you. Want to Upgrade?

To: Andrew who wrote (2676)	3/24/2000 2:16:00 PM
From: BulbaMan	Read Replies (3) \| Respond to of 2742

Has anyone tried to estimate the shares outstanding for CIST after all warrants/options are exercised? My guess is 23 mil. shares, making CIST worth about .02 times the price of CLL (at $40 for CLL, CIST is now worth about $.80 based on the exchange). This calculation does not include the extra cash CIST shareholders get if the Pasteur options are exercised. Would appreciate feedback from any other number crunchers.

To: Andrew who wrote (2676)	3/24/2000 3:14:00 PM
From: Walter Morton	Read Replies (1) \| Respond to of 2742

<<What are the odds of telling this sad story to the media so that management can't get away with their scheme?>> You might want to try PennyPI.com or TheStreet.com. However, we may be better off contacting a Biotech media source.

To: Andrew who wrote (2676)	3/29/2000 12:09:00 AM
From: Walter Morton	Respond to of 2742

From the latest 8-K Filing: ....Based on current estimates of the Company's net current assets, holders of shares of the Company's common stock will receive approximately $18,000,000 in exchange for Company common stock in the Merger. The purchase price of approximately $18,000,000 will be payable to the Company's stockholders in Celltech American Depository Shares ("ADSs"), with the price of the ADSs based on the five-day trailing average of Celltech ADSs through March 20, 2000. In connection with the Merger, holders of the Company's common stock will also be entitled to receive up to $3.5 million in cash and $3.5 million in Celltech ADSs, net of expenses, in the event that Aventis Pasteur, a subsidiary of Aventis S.A. ("Aventis Pasteur"), exercises the options previously granted by the Company to acquire exclusive licenses to use the Company's IL-1 technology in developing preventative and therapeutic vaccines

To: Andrew who wrote (2676)	3/29/2000 1:36:00 AM
From: Walter Morton	Respond to of 2742

Well, the long-term investor could look on the bright side. If you don't sale your shares before the merger is completed, you could own several thousand shares of CLL. After all, each share of CIST can be converted into about 1.7% of a share of CLL (Your CIST shares X .017 = Your CLL shares). CLL may actually be a well managed company that is capable of turning these new patents and research collaborations into marketable FDA approved products. However, I don't know anything about CLL. As for the short-term investor, I hope you got in at a low price like I did.

To: Andrew who wrote (2676)	4/8/2000 12:04:00 AM
From: Walter Morton	Respond to of 2742

Can you believe that somebody would do something like this? WEEK IN REVIEW: Bad Advice? Abstracted from Crain's New York Business 09/15/97 Ply Gem Industries shareholder suing Furman Selz for $100 mil, claiming it was negligent in recommending Nortek's takeover offer as fair to shareholders Nortek acquires Ply Gem. Abstracted from Providence Journal (RI) 08/27/97 New York-based Ply Gem Industries, manufacturer and distributor of building and home improvement products, has been acquired by Nortek, a manufacturer of building products, for $482 million in cash. Under the terms of the acquisition, Ply Gem shareholders will get $19.50 in cash for every share they hold. Nortek will pay $310 million for Ply Gem's shares, outstanding and stock options and assume or refinance $172 million of Ply Gem's debt. Nortek plans to finance the acquisition through a private offering of $310 million in ten-year notes with a 9.125% annual interest. Ply Gem. which will become a wholly-owned subsidiary of Nortek after the acquisition, will be named Ply Gem Inc. (c)Copyright 1996-1999, Gale Group, All Rights Reserved. It's obvious the CIST management and Genome Securities don't believe anybody would do anything like that.